According to blockchain analysis company Glassnode, the peak of Bitcoin unfilled contracts was reached in October 2022, with about 667,000 BTC allocated in unfilled contracts at that time.
However, as of now, there are only about 368,000 BTC allocated in unfilled contracts, which means that about 300K BTC have been cleared since October 2022.
In addition, over the past two weeks, the Bitcoin price has risen from $19,000 to $26,000, during which time unfilled contracts have dropped by about 15%, similar to the level at the beginning of 2022. This suggests that spot Bitcoin is accumulating, which is a relatively healthy state.
The decline in unfilled contracts may be due to a decrease in leveraged trading and speculative activities.
The decrease in unfilled contracts is also an indicator of a more stable Bitcoin market, which is beneficial to long-term investors.
As Bitcoin continues to mature as an asset class, market participants are paying more attention to spot trading and holding Bitcoin for the long term.